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Technology

OPEC, allies cutting oil production drastically

Tehran, Organization of Petroleum Exporting Countries (OPEC), in its latest report, announced the reduction of the production of 1,200,000 barrels of oil per day of its 11 members and 10 allies for next six months.

According to January report of OPEC, Saudi oil production fell 322,000 bpd this month, in line with OPEC's agreement.

Iraq, the UAE and Kuwait also reduced their production by 141,000, 96,000, and 85,000 barrels per day, respectively.

Iran, Libya and Venezuela have been exempted from the production cut agreement reached at the 170th OPEC meeting.

The OPEC and non-OPEC members agreed at a meeting in mid-December to reduce their production by 1,200,000 barrels a day.

Russia's oil output is down by 230,000 barrels per day, according to OPEC's January report, but the Russian energy minister did not confirm the figure, saying Russia cannot fast reduce its oil production, and in January it will only be able to cut 50,000 to 60,000 barrels per day of oil production.

Source: Islamic Republic News Agency - IRNA


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